March 15, 2017
Wellesley, Mass., Mar 15, 2017 – New proprietary research by BCC Research predicts big growth in the global market for nutraceuticals. Rising health concerns, an aging population and growing per capita income in developing countries are driving the market to realize an estimated $285 billion in 2021, up from about $198.7 billion in 2016.
BCC Research's Nutraceuticals: Global Markets reports that increasing consumer demand for nutraceutical products is helping market players to position themselves in the global market by launching a variety of new and innovative products, further expanding the global market.
"A number of companies dominate the global market. By acquisitions, mergers and partnerships between nutraceutical manufacturers, food and beverages and healthcare companies, industry leaders are trying to introduce new nutraceutical products in the market," says BCC Research Editorial Director Kevin Fitzgerald. "Introducing innovative nutraceutical products is becoming one of the key trends."
Premium Pricing and Margin Expansion Sustain a Solid Market
Nutraceutical products can enjoy even 100% to 1,500% price premiums over the nearest ordinary competitive products. Premium pricing has become more acceptable to consumers as more of them become educated about their health and actively manage it.
"Despite a trend of reduced consumer spending in the wake of the economic downturn, consumers are willing to pay a significant premium for fortified or high-nutrition products. They're investing in their health," Fitzgerald observes. "These investments can be justified as a proactive alternative to costly treatment of disease. In turn, companies are increasing their spending on research and development to produce more efficient and functional products that deliver unique claims. They're also spending more on branding and advertising products in spite of the economic slowdown."
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Nutraceuticals: Global Markets( FOD013F )
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